Abu Dhabi, UAETuesday 19 November 2019

Deyaar reports 7.4% rise in 2018 net profit on project deliveries

The developer last year handed over two flagship projects

“Last year was a positive one for Deyaar," Saeed Al Qatami CEO of Deyaar says. Chris Whiteoak / The National
“Last year was a positive one for Deyaar," Saeed Al Qatami CEO of Deyaar says. Chris Whiteoak / The National

Deyaar Development, a Dubai-listed developer, reported a 7.4 per cent rise in its full-year 2018 net profit as the company continued to deliver projects.

Net income for 12 months to the end of December climbed to Dh140 million, the company said in a statement on Wednesday to the Dubai Financial Market, where its shares are traded.

Revenues, however, fell to Dh643.7m at the end of 2018, from Dh751.6 reported a year earlier. The company did not provide detailed full-year financial breakdown or its fourth quarter earnings in the bourse filing.

“Last year was a positive...we delivered two projects, and have made solid progress on our ongoing developments,” said Saeed Al Qatami chief executive of Deyaar. "The diversification of our business is on track, with a strong year behind it and an exciting year ahead, in which we will continue to focus on extending our reach into the hospitality sector by welcoming a new revenue stream from three hospitality projects.”

The developer, majority owned by Dubai Islamic Bank, the biggest sharia-compliant lender in the UAE by assets, handed over the residential towers of the Mont Rose development last year and began the delivery process of The Atria, which comprises 219 units over 30 floors, including one to three-bedroom apartments, alongside a hotel apartment tower, it said.

The Afnan and Dania districts in Deyaar’s community development in Midtown, are now at 70 per cent completion. Sales in both districts have exceeded 90 per cent, and handover is expected in 2019, it added.

Earlier this year Deyaar Property Management, a unit of Deyaar, agreed to manage the mixed-use portfolio of UAE conglomerate Belhasa International, one of the UAE's largest conglomerates, with around 30 subsidiaries spanning construction, education, automotive services, trading and hospitality.

Updated: January 30, 2019 05:27 PM